Cardano ($ADA) Network Added Over 500,000 Wallets Year-to-Date

So far this year, the number of wallets registered on the Cardano ($ADA) blockchain has increased by over 500,000, surpassing the three million barrier in early February.

The increase in wallets corresponds to the usage of Cardano’s decentralized finance (DeFi) sector.

Cardano currently has 3,201,914 ADA wallets, up from 2,666,372 at the start of the year, according to Cardano blockchain data released on Google’s Data Studio by the Cardano Fans Stake Pool.

In the first quarter of this year, the number of Cardano wallets increased by 453,121, averaging roughly 5,000 wallets ever day.

The number of wallets on the cryptocurrency network is rapidly increasing. Last year, it increased by 1,200% year over year, from 190,000 ADA wallets in December 2020 to 2.5 million in December 2021.

Addresses holding between $100 and $100,000 worth of the network’s native ADA token have seen their proportion of the cryptocurrency’s supply rise to a new all-time high, while “whale tier” addresses have seen their percentage of the cryptocurrency’s supply fall to an all-time low.

According to statistics from Santiment, addresses with less than $100 worth of ADA and up to $100,000 worth of the cryptocurrency — termed low tier and mid tier addresses – have been steadily increasing over time.

In addition, as part of a cooperation with Clay Nation, American rapper Snoop Dogg is planned to publish unreleased songs as non-fungible tokens (NFTs) on the Cardano network. “Iconic collectibles” and “limited edition ‘pitches” will be part of the cooperation.

NFTs from Snoop Dogg are being launched just as the cryptocurrency network reaches a new milestone. According to Morgan Schofield, Cardano’s Head of Ecosystem Growth, the network has already produced over 4 million native tokens using approximately 50,000 minting policies. The network currently has over 4 million non-fungible tokens and non-ADA tokens in circulation.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Patrick

CoinCu News